| The Budget- apparently the markets are happy. 07:24 - Nov 27 with 920 views | BanksterDebtSlave |
It's almost like we're slaves to debt.
Have any of you ever leant money on the sort of terms that banks do? |  |
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| The Budget- apparently the markets are happy. on 08:53 - Nov 27 with 762 views | SuperKieranMcKenna |
Well we did try printing our own money and that led to an era of wage stagnation, per capita GDP contraction, falling living standards and inflation.
Basically it’s because we are addicted to credit - we want nice stuff (public services) without paying for it. Debt to GDP in Scandinavian countries and Germany is about a third of ours. |  | | |
| The Budget- apparently the markets are happy. on 09:07 - Nov 27 with 719 views | MrPotatoHead |
| The Budget- apparently the markets are happy. on 08:53 - Nov 27 by SuperKieranMcKenna |
Well we did try printing our own money and that led to an era of wage stagnation, per capita GDP contraction, falling living standards and inflation.
Basically it’s because we are addicted to credit - we want nice stuff (public services) without paying for it. Debt to GDP in Scandinavian countries and Germany is about a third of ours. |
That's not correct of Germany's national debt, is 65% of their GDP, ours is 90% - 95%. |  | | |
| The Budget- apparently the markets are happy. on 09:17 - Nov 27 with 691 views | SuperKieranMcKenna |
| The Budget- apparently the markets are happy. on 09:07 - Nov 27 by MrPotatoHead |
That's not correct of Germany's national debt, is 65% of their GDP, ours is 90% - 95%. |
I was encapsulating rather than typing them all out- nonetheless a much preferable position to ours. Nor does it change the point, they’ve maintained a diverse economy that’s been able to fund largely better public services without relying on borrowing. Would note they’ve also gone down the privatisation route in many cases so selling state assets isn’t the only cause of our ills. | | | |
| The Budget- apparently the markets are happy. on 09:40 - Nov 27 with 633 views | JammyDodgerrr |
Well, we are a slave to the debt aren't we. We don't control it, we've got too much of it and we need to carefully manage it. |  |
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| The Budget- apparently the markets are happy. on 09:47 - Nov 27 with 613 views | MrPotatoHead |
| The Budget- apparently the markets are happy. on 09:40 - Nov 27 by JammyDodgerrr |
Well, we are a slave to the debt aren't we. We don't control it, we've got too much of it and we need to carefully manage it. |
Its pretty frightening that 10% of public spending is on debt interest alone.
In my simple head the national debt is about £2.9tn. The public purse brings in £1.14tn a year largely through taxes, and we spend £100bn more than that by way of a deficit.
Maintaining the debt at its current level is about the best we can hope for, let alone beginning to pay any of it down. I just don't really know what the end goal is. [Post edited 27 Nov 2025 9:50]
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| The Budget- apparently the markets are happy. on 09:49 - Nov 27 with 603 views | BanksterDebtSlave |
| The Budget- apparently the markets are happy. on 08:53 - Nov 27 by SuperKieranMcKenna |
Well we did try printing our own money and that led to an era of wage stagnation, per capita GDP contraction, falling living standards and inflation.
Basically it’s because we are addicted to credit - we want nice stuff (public services) without paying for it. Debt to GDP in Scandinavian countries and Germany is about a third of ours. |
But you accept that the balance can be reduced if those issuing the debt don't squeeze every last penny they can out of us? | |
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| The Budget- apparently the markets are happy. on 09:56 - Nov 27 with 570 views | SuperKieranMcKenna |
| The Budget- apparently the markets are happy. on 09:49 - Nov 27 by BanksterDebtSlave |
But you accept that the balance can be reduced if those issuing the debt don't squeeze every last penny they can out of us? |
They aren’t though they could be at worse terms - why would they do that unless we were unable to pay. Typically if there’s a default on payments the terms would be worse and we’d have to accept a lot of restrictions on our fiscal situation (a la Greece). The balance won’t be reduced unless we a running a surplus, regardless of what interest they are charging.
It was our (stupid) gamble to take so much index linked debt. | | | |
| The Budget- apparently the markets are happy. on 10:42 - Nov 27 with 484 views | mellowblue |
The Truss/Kwarteng experiment was an eye-opener in a way. Markets don't like rude surprises and the reactions were almost unprecedented, now everything is leaked early to damp the possibility of any big market movements, it was a predicatable budget as noboby is going to risk a radical one, we are slaves to debt and slaves to the markets. The seismic events of 2008, Brexit, Covid and generally not living within our means has "done" for us and future generations. | | | |
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